kamodinee 
The government has announced an extension of the due date for filing the Tax Audit Report for the financial year 2023-24. This offers taxpayers additional time during the busy tax season. Here are the key points: Extension Announcement The deadline for submitting the Tax Audit Report has been extended from September 30, 2024, to October … Read more
The government has announced a 60% tax increase on share trading, effective October 1, 2024, targeting Futures and Options traders. This significant change comes in response to data revealing that 93% of traders in these markets are incurring losses, pushing the government to deter risky trading behavior. Key Changes in Tax Rates: Futures Trading: Options … Read more
The GST Portal has reinstated the option to download deleted GST returns data for the financial year 2017-2018. This follows feedback from taxpayers who raised concerns about the previously scheduled deletion of certain data. Key Points: Recommendations: Taxpayers should download their GST return data as soon as possible, especially if they have notices or orders … Read more
The recent 54th GST Council meeting has brought significant updates to GST on property rentals, especially for commercial properties. Starting October 1, 2024, tenants renting commercial spaces from unregistered landlords will now be required to pay 18% GST under the Reverse Charge Mechanism (RCM). Key Highlights: Scenarios Explained: These changes, aimed at preventing tax leakage, … Read more
Have you recently received an Income Tax Notice disallowing the 87A rebate in your ITR? You’re not alone. Many taxpayers are being hit with demand notices, and confusion is growing. Here’s why this is happening and what you can do about it. Why is the 87A Rebate Being Disallowed? Many taxpayers claimed the 87A rebate … Read more
A quick reminder for all directors – the last date to file your DIR KYC for 2024 is 30th September 2024. Missing this deadline will result in DIN deactivation, and you’ll have to pay a penalty of INR 5,000 for reactivation. Without an active DIN, you won’t be able to sign documents, submit forms, or … Read more
Key Points: Conclusion: Ensure you download and backup all your relevant GST return data to avoid issues in the future as data will gradually become unavailable each month.
Changes in TDS Rates: TDS on Property Transactions:Previously, for property purchases over ₹50 lakhs, TDS could be shared among multiple buyers. This exemption will be discontinued. All buyers, regardless of the number, must deduct TDS if the property value exceeds ₹50 lakhs. Future Amendments (Effective April 1, 2025):Section 194D: TDS on insurance commission for agents reduced from 5% to … Read more